The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said today.
Foreign institutional investors ended their three-day selling streak and became net buyers with a robust inflow of over ₹2,024 crore, while DIIs booked profits with an outflow of over ₹1,991 crore in Indian stocks on Tuesday. HDFC-HDFC Bank merger updates lifted the spirit of the market.
HDFC has clarified that the tentative dates for its merger with HDFC Bank, reported as 1 July 2023 for the effective date and 13 July 2023 for the record date, are subject to completion of certain formalities beyond its control.
The deal comes just days before the merger of HDFC with its banking subsidiary HDFC Bank. HDFC chairman Deepak Parekh on Tuesday said the merger will be effective July 1.